ICICI Bank : Annual Report FY2022

ANNUAL REPORT 2021-22

TM

Bank toBankTech

Bank to BankTech refers to the digital and technological transformation of the Bank. At ICICI Bank, technology is being integrated into every aspect, from delivering value to customers to optimising internal operations. We believe this would enable the Bank to be responsive to the dynamic preferences of customers while strengthening our vision to be the trusted financial service provider to customers.

The Bank recognises the need for an effective technology architecture that facilitates faster transactions, is ubiquitous, enables decision-making and creates value proposition for every customer. We are investing in strengthening our technological capabilities, with key priorities being technology platforms, embedded banking, cloud adoption and data platforms and analytics.

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OUR APPROACH TO

REPORTING

ABOUT THIS REPORT

This is ICICI Bank's Annual Report for the year ended March 31, 2022. It has been prepared in accordance with Indian regulatory reporting requirements as well as the principles of the International Integrated Reporting Framework as developed by the International Integrated Reporting Council (IIRC). Through this report, the Bank aims to provide its stakeholders a comprehensive view of its operations, performance, its financial and non-financial resources and strategy to create long-term value. The report provides insights into the Bank's primary activities, its strategic priorities, risks and mitigants, governance structure, and the manner in which it has leveraged the six capitals, namely Financial, Human, Intellectual, Manufactured, Social and Relationship, and Natural.

REPORTING BOUNDARY

The non-financial information in the Integrated Report largely covers data on the India operations of ICICI Bank Limited and ICICI Foundation for Inclusive Growth.

REPORTING PERIOD

The Annual Report provides material information relating to the Bank's strategy and business model, operating context, performance and statutory disclosures covering the financial year April 1, 2021 to March 31, 2022.

SAFE HARBOUR

Certain statements in this Annual Report relating to a future period of time (including inter alia concerning our future business plans or growth prospects) are forward-looking statements intended to qualify for the 'safe harbour' under applicable securities laws including the US Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. These risks and uncertainties include, but are not limited to statutory and regulatory changes, international economic and business conditions; political or economic instability in the jurisdictions where we have operations, increase in non-performing loans, unanticipated changes in interest rates, foreign exchange rates, equity prices or other rates or prices, our growth and expansion in business, the adequacy of our allowance for credit losses, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks, changes in India's sovereign rating, and the impact of the Covid-19 pandemic which could result in fewer business opportunities, lower revenues, and an increase in the levels of non-performing assets and provisions, depending among other factors upon the period of time for which the pandemic extends, the remedial measures adopted by governments and central banks, and the time taken for economic activity to resume at normal levels after the pandemic, as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. Any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this release. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov.

CONTENTS

INTEGRATED REPORT

ICICI Bank at a Glance	2
Financial Highlights	4
Message from the Chairman	6
Board of Directors	8
Message from the Wholetime Directors	9
Business Model	10
Our Business Strategy	14
Fair to Customer, Fair to Bank	30
Values and Culture	34
Risk Governance Framework	36
Managing Risks Impacting Our Business	43
Human Capital	46
Social and Relationship Capital	52
Environmental Sustainability	58

STATUTORY REPORTS

Directors' Report	61
Auditors' Certificate on Corporate Governance	116
Management Discussion & Analysis	117
Key Financial Indicators: Last 10 Years	145

FINANCIAL STATEMENTS

Independent Auditors' Report -
Financial Statements	146
Financial Statements of ICICI Bank Limited	156
Independent Auditors' Report -
Consolidated Financial Statements	241
Consolidated Financial Statements of
ICICI Bank Limited and its Subsidiaries	258
Statement Pursuant to Section 129
of Companies Act, 2013	315
Basel Pillar 3 Disclosures	317
Glossary of Terms	318

To view this report online, please visit:

https://www.icicibank.com/aboutus/annual.page

Annual Report 2021-22

ICICI BANK AT A GLANCE

	Integrated Report		Statutory Reports		Financial Statements

ICICI BANK AT A GLANCE

ICICI Bank offers a range of financial products and services to retail, rural, small and medium enterprises and corporate customers. The Bank delivers products and services through various channels including branches, ATMs, mobile phones and the internet. The Bank aims to offer a seamless omni-channel experience to customers.

• iMobile Pay - built for all, built for scale

6.3 million activations of iMobile Pay by non-ICICI Bank account holders till March 31, 2022.

More than one million customers on InstaBIZ

InstaBIZ, an app that enables Small and Medium Enterprises (SMEs) to link account of any bank, has over one million active customers. The value of financial transactions through InstaBIZ increased by 71% year-on-year in fiscal 2022.

Over 90% digital transactions

Over 90% of savings account transactions (financial and non-financial) are done through digital channels.*

76% increase in

trade online transactions

Value of transactions on Trade Online increased by 76% year-on-year in fiscal 2022.

`14,112.98	`383.47	`233.39
billion	billion	billion
Standalone Total Assets	Core Operating Profit*	Profit After Tax*

Credit card transactions more than doubled

Value of credit card transactions in fiscal 2022 was over twice the value of credit card transactions in fiscal 2021.

Market leader in FASTag

ICICI Bank continues to be the leading bank in electronic toll collections through FASTag with a market share of close to 33%. Our electronic toll collections through FASTag increased by 51.9% year-on-year in fiscal 2022.

`474.66	3.96%	`10,645.72
billion		billion
Net Interest Income*	Net Interest Margin*	Period-end Deposits
`8,590.20	19.16%
billion
Period-end Advances	Total Capital Adequacy Ratio

*During fiscal 2022; others at March 31, 2022

UPI transactions was 2.3 times

The value of UPI person-to-merchant transactions in fiscal 2022 was 2.3 times as compared to fiscal 2021.

Rural outreach

51% of the Bank's branches are in rural and semi-urban areas with 649 branches in villages that were previously unbanked.

Working towards inclusion

ICICI Bank has provided loans to over nine million women beneficiaries through more than 692,000 Self-Help Groups (SHGs) till March 31, 2022. Of these, 3.8 million were first-time borrowers.

Over 750,000 individuals trained

ICICI Foundation for Inclusive Growth, CSR arm of ICICI Group, has trained over 750,000 less privileged individuals in the country since inception.

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*Digital transactions include transactions on internet, iMobile Pay, point-of-sale,touch-banking, phone banking and e-commerce.

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Annual Report 2021-22

FINANCIAL HIGHLIGHTS

TOTAL DEPOSITS

TOTAL ADVANCES

			10,645.72					8,590.20
			9,325.22	5,461.35				7,337.29	4.8%
								27.2%
			5,008.99
		7,709.69				6,452.90	5.1%
					5,866.47		28.2%
						8.4%
	6,529.20	4,231.51
			5,123.95	10.7%	28.4%
					6.2%
5,609.75
3,289.79				12.5%	29.2%		5.1%	8.9%
2,710.50				3,599.57	30.9%		4.1%	9.8%	52.9%
			2,954.53				51.8%
					3.2%	8.8%
	2,276.71	2,455.91			2.7%	8.5%	50.3%
				8.4%	48.4%
2,009.67
				1,584.80	45.5%
	962.70	1,022.27	1,361.70
889.58
March	March	March	March	March	March	March	March	March	March
2018	2019	2020	2021	2022	2018	2019	2020	2021	2022

Current Account (` in billion) Savings Account (` in billion)

Term Deposit (` in billion)				Retail		Business Banking			Overseas
Total (` in billion)				Rural Loans		Domestic Corporate & SME			Total (` in billion)

NET WORTH

CAPITAL ADEQUACY

						18.42%			19.12%	19.16%
									0.81%
						1,705.12	16.89%		1.06%
						2.50%	16.11%	18.06%	18.35%
				1,475.09		15.92%	1.80%	1.39%
						15.09%
							14.72%
		1,083.68	1,165.04
	1,051.60
										17.60%
									16.80%
						14.43%	13.63%	13.39%
March		March	March	March	March	March	March	March	March	March
2018		2019	2020	2021	2022	2018	2019	2020	2021	2022
Net Worth (Equity Share Capital, Reserves and Surplus)		Tier I	Common Equity Tier 1
(` in billion)				Tier II	Total

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